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What are the tax status of the property to the corporation

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Reference no: EM132672099

Problem - Dedriea contributes to her wholly owned corporation some tangible personal property she had used in her sole proprietorship business and depreciated. She had acquired the property for $566,000 and had taken $431,000 of depreciation on it before contributing it to the corporation. At the date of the contribution, the property had a fair market value of $289,000. The corporation took $100,000 of depreciation on the property and then sold it for $88,000 in 2019. What are the tax status of the property to the corporation and the nature of the recognized gain or loss when the corporation sells the property?

Reference no: EM132672099

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